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Segment Information
 12 Months Ended
Jul. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment and Geographic Area Information
Segment Information
The Company has three reportable segments: Mountain, Lodging and Real Estate. The Company refers to “Resort” as the combination of the Mountain and Lodging segments. The Mountain segment includes the operations of the Company’s mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company’s owned hotels, RockResorts, NPS concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company’s resort communities. The Company’s reportable segments, although integral to the success of the others, offer distinctly different products and services and require different types of management focus. As such, these segments are managed separately.
The Company reports its segment results using Reported EBITDA (defined as segment net revenue less segment operating expenses, plus segment equity investment income or loss, and for the Real Estate segment, plus gain or loss on sale of real property). The Company reports segment results in a manner consistent with management’s internal reporting of operating results to the chief operating decision maker (Chief Executive Officer) for purposes of evaluating segment performance.
Items excluded from Reported EBITDA are significant components in understanding and assessing financial performance. Reported EBITDA should not be considered in isolation or as an alternative to, or substitute for, net income, net change in cash and cash equivalents or other financial statement data presented in the accompanying Consolidated Financial Statements as indicators of financial performance or liquidity.
The Company utilizes Reported EBITDA in evaluating the performance of the Company and in allocating resources to its segments. Mountain Reported EBITDA consists of Mountain net revenue less Mountain operating expense plus Mountain equity investment income or loss. Lodging Reported EBITDA consists of Lodging net revenue less Lodging operating expense. Real Estate Reported EBITDA consists of Real Estate net revenue less Real Estate operating expense plus gain or loss on sale of real property. All segment expenses include an allocation of corporate administrative expense. Assets are not used to evaluate performance, except as shown in the table below. The accounting policies specific to each segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
The following table presents key financial information by reportable segment, which is used by management in evaluating performance and allocating resources (in thousands):
 Year ended July 31,
  
202420232022
Net revenue:
Mountain$2,544,370 $2,540,906 $2,213,114 
Lodging336,117 340,393 312,090 
Total Resort net revenue2,880,487 2,881,299 2,525,204 
Real Estate4,704 8,065 708 
Total net revenue$2,885,191 $2,889,364 $2,525,912 
Segment operating expense:
Mountain$1,743,351 $1,718,941 $1,404,527 
Lodging313,099 328,126 286,343 
Total Resort operating expense2,056,450 2,047,067 1,690,870 
Real Estate9,514 10,635 5,911 
Total segment operating expense$2,065,964 $2,057,702 $1,696,781 
Gain on sale of real property$6,285 $842 $1,276 
Mountain equity investment income, net$1,053 $605 $2,580 
Reported EBITDA:
Mountain$802,072 $822,570 $811,167 
Lodging23,018 12,267 25,747 
Resort825,090 834,837 836,914 
Real Estate1,475 (1,728)(3,927)
Total Reported EBITDA$826,565 $833,109 $832,987 
Real estate held for sale or investment$86,548 $90,207 $95,983 
Reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA:   
Net income attributable to Vail Resorts, Inc.$230,405 $268,148 $347,923 
Net income attributable to noncontrolling interests15,874 16,955 20,414 
Net income246,279 285,103 368,337 
Provision for income taxes98,816 88,414 88,824 
Income before provision for income taxes345,095 373,517 457,161 
Depreciation and amortization276,493 268,501 252,391 
Loss (gain) on disposal of fixed assets and other, net (1)
9,633 9,070 (43,992)
Change in estimated fair value of contingent consideration47,957 49,836 20,280 
Investment income and other, net(18,592)(23,744)(3,718)
Foreign currency loss on intercompany loans4,140 2,907 2,682 
Interest expense, net161,839 153,022 148,183 
Total Reported EBITDA$826,565 $833,109 $832,987 
(1) During the year ended July 31, 2022, the Company recognized a gain of $32.2 million from the sale of a hotel property in Breckenridge.
Geographic Information
Net revenue and long-lived assets, excluding financial instruments and deferred tax assets, by geographic region are as follows (in thousands):
Year ended July 31,
Net revenue202420232022
U.S.$2,386,749 $2,366,342 $2,228,708 
International (1)
498,442 523,022 297,204 
Total net revenue$2,885,191 $2,889,364 $2,525,912 
July 31,
Long-lived assets20242023
U.S.$2,858,275 $2,853,758 
International (2)
1,925,108 1,882,018 
Total long-lived assets$4,783,383 $4,735,776 
(1) The only individual international country (i.e. except the U.S.) to account for more than 10% of the Company’s net revenue was Canada. Canada accounted for $326.2 million and $321.7 million of net revenue for the year ended July 31, 2024 and 2023, respectively. For the year ended July 31, 2022, no individual international country accounted for more than 10% of the Company’s net revenue.
(2) The only individual international country to account for more than 10% of the Company’s long-lived assets was Canada. Canada accounted for $1,373.8 million and $1,446.0 million of long-lived assets as of July 31, 2024 and 2023, respectively.